Download or read book China s Manufacturing Development and Its Implications for Korea written by Hyun-Tai Lee and published by . This book was released on 2018 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2015, the Chinese government has been strongly promoting its "Made in China 2025" initiative, which aims to accelerate the transformation of China from a "big manufacturing country" into a "world manufacturing power" by boosting manufacturing competitiveness through innovation and nurturing high-tech manufacturing industries. China's "Made in China 2025" strategy is both a threat and opportunity for Korea. This study aims to analyze the development status of Chinese manufacturing industries and the policy of "Made in China 2025," and to provide implications and countermeasures.

Download or read book China s Service Trade Development and Policy Implications for Korea written by Sanghun Lee and published by . This book was released on 2019 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chinese government is pushing for the opening of the country's service sector and fostering the producer service industry through its 13th Five-Year Plan. Aiming to realize these goals, China emphasizes a highly open market and external cooperation, and focuses on the development of the service industry and the expansion of the service trade as it did in the past by opening policies.China's service trade volume was estimated to reach $657.1 billion in 2016 and exceed $1 trillion in 2020. Among Korean exports to the mass market, the share of service exports is growing from 9.7% (2011) to 14.5% (2016), and China has emerged as Korea's largest service market and largest service trade surplus country since 2013. The fact that China's service trade and Korea's exports of services to China are both expanding rapidly points toward an opportunity to increase the role of Korea's services trade with China in the future.This study seeks to explore new export engines that can boost trade in the services sector. To this end, the study examines ways to boost services trade with China based on an analysis of industries and regions with good prospects.

Download or read book Industrial Development in Singapore Taiwan and South Korea written by Kai-Sun Kwong and published by World Scientific. This book was released on 2001 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of the industrial experiences of the newly industrialized economies in Asia is generally lacking in the literature. This study attempts to fill that void by providing an in-depth discussion on the economic impact of the industrial policies of Singapore, Taiwan, and South Korea in the three-and-a-half decades after 1960. Throughout the study, a broad perspective of macroeconomic development is maintained. It is highly critical of the narrow-minded objective of certain governments in maximizing the pace of industrialization at the expense of general economic well-being. A comparative analysis of the industrial experiences of the three economies also shows a diversity of constraints and processes. Singapore relied on multinational corporations, Taiwan on returned engineers, and South Korea on chaebols. There appears to be no Asian formula for industrialization. In Hong Kong, there is an ongoing debate on whether some form of industrial policy should be introduced, in view of the perception that Hong Kong is lagging behind the other economies in terms of technology. Drawing on the experiences of the other economies, the concluding chapter of the book provides an informed and balanced answer to this question. Contents: Singapore: Dominance of Multinational Corporations; Taiwan: Thriving High-Technology Industries and SME; South Korea: Government-Led Development and the Dominance of Giant Corporations; Comparison Among Singapore, Taiwan, and South Korea; Strategic Considerations in the Hong Kong Context. Readership: Researchers, policy-makers and undergraduates in economics and East Asian Studies.

Download or read book The Rise of China and Structural Changes in Korea and Asia written by Takatoshi Ito and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together studies conducted by researchers in East Asian countries who seek to better understand the impact of China s rise and the consequent policy challenges. The expert contributors illustrate that the rise of China and its integration with the rest of the world is one of the most important developments in the global economy. Over the past thirty years or so, China s economy has grown at nearly ten percent per annum with the expansion of the modern, export-oriented industrial sector, to become the third largest economy in the world and the second largest in trade. This book reviews the economic growth of East Asian countries since the 1990s and the various impacts that the rise of China has had on these countries. In particular, it addresses policy challenges faced in coping with the rise of China and maintaining economic growth. This timely book will strongly appeal to academics and researchers focusing on East Asia and China as well as those interested in international trade, development and economic growth.

Download or read book Korea s Economic Growth and Catch Up written by Jong-Wha Lee and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the economic growth and catch-up of Korea over the past half century. Korea's growth experience confirms the prediction of a "conditional convergence" theory. Cross-country regression further suggests that Korea's strong catch-up to the USA is also attributable to its favorable growth factors such as strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law. However, as Korea catches up to the USA and its steady-state level in per worker output, it will be subject to a growth slowdown unless improvements are made in those growth factors. While manufacturing-oriented and export-oriented development has served Korea's success well, poor productivity performance in the services sector has hampered overall productivity growth. Korea's experience implies that China's potential growth rates are likely to slow in the coming decades due to the convergence effect and with the rebalancing toward a domestic consumption and services-based economy. China needs to upgrade its rule of law, reform state-owned enterprises and improve productivity, particularly in its services sector, to sustain strong growth.

Download or read book China s Economic Rise written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-09-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.

Download or read book The Economic Implications of China s Policy Changes for the Korean Petrochemical Industry written by Yongwon Cho and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main implications of China's policy paradigm shift, Xin Chang Tai is that the government starts to concentrate its domestic market to pursue quality of economy development rather than expansion of their economic size. Since the Korean petrochemical industry has heavily relied on exports to China, the paradigm shift could substantially affect the Korean petrochemical industry directly. In particular, the Chinese government has already announced that the self-supply rate of the Chinese petrochemical market will continuously increase under Xin Chang Tai so the Korean petrochemical industry should modify its export strategy to China. For example, I have shown in the previous chapter that if the self-supply rate of the Chinese petrochemical market increases 1%, then the total exports of the Korean petrochemical product to China is more likely to decrease 0.47%. If the Chinese government concentrates its domestic chemical market to improve the quality of development, then in turn, demand structures of Chinese upstream and downstream industries related to the petrochemical industry will change as well. In fact, the Chinese petrochemical suppliers will convert their mainstream commodity from general chemical products to high-ended products to meet demand for high value-added products in downstream industries. Furthermore, the suppliers will introduce a customized productionprocess rather than a mass production system under the new paradigm. New demand of the Chinese petrochemical industry could be identified in its new downstream industry demand such as car, electronics, and life-friendly products. For example, demands of luxurious car inputs, high-ended electronic parts, and functional fabrics are increasing in the Chinese market so that demand of high-ended petrochemical materials and intermediate products are increasing; Korea's total exports of Ethylene Glycol (EG) to China used to produce polyester fabric has kept increasing until 2015. In order to adopt Xin Chang Tai, the Korean petrochemical industry should consider a short-run new processing trade strategy that imports core raw materials from Japan and produces high value-added commodities with low its self-supply rates in the Chinese market in Korea, and then export them to China. This strategy could be valid until each commodity is fully supplied in the Chinese chemical market. Moreover, the Korean petrochemical industry should scrutinize the Chinese chemical market more deeply to set up new export strategies under the Xin Chang Tai era; especially, they should research downstream industries of the Chinese petrochemical industry. As Chinese consumers' incomes increase, their demands for high-ended, luxurious, and customized products will be augmented rapidly. For this reason, if the Korean petrochemical industry can determine the Chinese consumers' demands, then the Korean petrochemical products' share will expand in the Chinese high value-added market. Finally, if the Chinese government drives new investment and financing support for infrastructure construction projects such as the Yi Dai Yi Lu (One Belt, One Road) project, then demand of infrastructure construction such as energy, roads, and electricity will increase in the long-run. In fact, President Xi Jinping has remarked that China will contribute $40 billion to set up a Silk Road Fund to provide and finance support for infrastructure construction, industrial cooperation and other projects related to the One Belt, One Road initiative. Hence, the Korean petrochemical industry should invest in production facilities to supply the increasing import demand of China.

Download or read book China s Digitalization and Its Implications for China South Korea Economic Cooperation written by Mingshen Zhang and published by . This book was released on 2018 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the second largest economy in the world, China is experiencing a new wave of digitalization with new drivers. This paper identifies the complementarities in digitalization between China and South Korea in order to provide policy suggestions on how the two countries should cooperate in the digitalization journey to achieve quality-oriented and innovative economic growth. To that end, a digitalization matrix is developed as a framework to capture the elements of digitalization and analyze the gap of digitalization between China and South Korea by measuring the matrix. The analysis can show the strength and weakeness of digitalization between the two countries in absolute gap and exibit the relative gap among all elements across the matrix. Based on the result of the analysis, this paper investigates whether and to what extent the two countries can tap into the complementary assets. As a conclusion, this paper suggests four ways for China-South Korea economic cooperation in digitalization: enhancing the policy coordination in digitalization, sparking up multi-level collaboration on smart city initiatives, screening areas with high complementarity to boost industrial digitalization, and sharing the experience of promoting digital economy governance.

Download or read book The Republic of Korea s Economic Growth and Catch Up written by Jong-Wha Lee and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the economic growth and catch-up of the Republic of Korea over the past half-century. The gap of output per worker between the Republic of Korea and United States has decreased rapidly, as the Republic of Korea's lower per capita income, relative to its potential level, has led to higher growth, confirming the prediction of a conditional convergence theory. Cross-country regression further suggests that the Republic of Korea's catch-up to the United States is also attributable to strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law, while improvement in democracy tends to slow the pace of the catch-up. Yet as the Republic of Korea catches up to the United States and its steady-state level in per worker output, it is subject to growth slowdown unless it improves institutions and policy factors. While manufacturing- and export-oriented development served the Republic of Korea's success well, poor productivity performance in the services sector has hampered overall productivity growth. The Republic of Korea's experience implies that the People's Republic of China's potential growth rates are likely to slow in the coming decades due to the convergence effect and with the rebalancing toward a domestic consumption and services-based economy. The People's Republic of China needs to upgrade its institutional quality and improve productivity, particularly in its services sector, to sustain strong growth.

Download or read book Korean Exports and the Role of China written by Sunoong Hwang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade has played a crucial role in the rapid growth of Korea over the last few decades. The share of Korea's real exports in its real GDP increased from 4.2% to 49.3% between 1970 and 2010. Therefore, it is very important for Korea to gather empirical information about the determinants of its exports, which is the goal of this article. There has been a substantial amount of research on the effects of global business cycles, the relative prices of exported goods, and the exchange rate of the Korean won on Korea's exports.1) This article complements the existing literature by determining the role of China in influencing the exports of Korean industries. Among the structural changes in the international trade environment that the Korean economy has faced in recent years, the most important are China's rapid growth and its integration into the global economy. On the one hand, China's share of Korean exports has risen rapidly since 1990s, and now the Chinese market accounts for the largest share of Korean exports among its trading partners. On the other hand, the rise of China as the world's major supplier of cheap manufactured good has put increased competitive pressure on Korea industries. As a result, changes in China's exports and consumption expenditures may have a significant effect on Korean exports. Of note is that the exact magnitude of the effects is likely to be different between industries, since the degree of dependence on China as an export market and the degree of competitive pressure imposed by China are different across industries.This article provides industry-level evidence on the long-run effects of China's exports and consumption expenditures on Korean exports, using the fully-modified generalized method of moments (FM-GMM) proposed by Kitamura and Phillips (1997).2) The estimation results suggest that the effect of China's exports is quite different across industries, with the mean effect statistically indistinguishable from zero. In contrast, China's consumption expenditure has a significant and positive effect on Korean exports in most industries. Interestingly, in both cases, the magnitude of the effect is much larger in heavy manufacturing, capital and intermediate goods industries than in light manufacturing and consumption goods industries, reflecting the characteristics of vertical production linkages between China and Korea.The remainder of this article is structured as follows. Section 2 provides a descriptive discussion of the characteristics of China's exports and domestic consumption expenditures as well as Korea's exports to China. Section 3 performs an econometric analysis of the role of China in Korean exports. Section 4 concludes the article.

Download or read book Economic Development and Industrial Policy written by Richard M. Auty and published by Burns & Oates. This book was released on 1994 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study compares the industrial policies of five large, newly indistrializing countries - Korea, Brazil, Mexico, India and China - paying particular attention to heavy and chemical industries. In-depth analyses of steel, petrochemical and automobile assembly industries are given.

Download or read book Structural Changes in Korea China Trade and Policy Implications written by Dongsoo Kim and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea and China established formal relations 30 years ago. Vibrant bilateral trade has significantly contributed to the economic growth of both nations. However, a remarkable turning point has occurred recently: Bilateral trade seemed to balance out due to China's lockdown policy and Korea's stronger corporate competitiveness, but Korea has posted a trade deficit with China since last year for all goods except semiconductors. Such a deficit could signal the beginning of structural change, though the figure over the last four months might be a temporary phenomenon.Over the last 30 years, high-tech industries have played an increasingly important role in bilateral trade in both exports and imports. In exports, semiconductors, petrochemicals, and displays have leading positions but in imports, Korean manufacturing is highly dependent on China, which is expanding into other industries. That means Korea is increasingly reliant on components or raw materials from China, leading to greater risk factors.To effectively respond to the short-term deficit and mid- to long-term structural changes in trade with China, Korea must diversify its import partners, even if doing so is likely to incur high costs in the short term. In the mid-term, the country should develop overseas resources and change its strategic approach to the global market, which should be framed as economic blocs, rather than as a single entity. Over the long term, Korea must strengthen its industrial competitiveness and foster high-tech human resources to secure key technologies to maintain its comparative advantage over China.For the first time in its modern trade with China, Korea recorded a trade deficit for four consecutive months, representing reversal major reversal of roles: Korea had in the past recorded enormous trade surpluses in the tens of billions of USD. Thus looking at the trade deficit with China provides an opportunity to consider changes in the bilateral trade balance, the reasons for these changes, and potential responses to them.

Download or read book China s Productivity Convergence and Growth Potential A Stocktaking and Sectoral Approach written by Min Zhu and published by International Monetary Fund. This book was released on 2019-11-27 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s growth potential has become a hotly debated topic as the economy has reached an income level susceptible to the “middle-income trap” and financial vulnerabilities are mounting after years of rapid credit expansion. However, the existing literature has largely focused on macro level aggregates, which are ill suited to understanding China’s significant structural transformation and its impact on economic growth. To fill the gap, this paper takes a deep dive into China’s convergence progress in 38 industrial sectors and 11 services sectors, examines past sectoral transitions, and predicts future shifts. We find that China’s productivity convergence remains at an early stage, with the industrial sector more advanced than services. Large variations exist among subsectors, with high-tech industrial sectors, in particular the ICT sector, lagging low-tech sectors. Going forward, ample room remains for further convergence, but the shrinking distance to the frontier, the structural shift from industry to services, and demographic changes will put sustained downward pressure on growth, which could slow to 5 percent by 2025 and 4 percent by 2030. Digitalization, SOE reform, and services sector opening up could be three major forces boosting future growth, while the risks of a financial crisis and a reversal in global integration in trade and technology could slow the pace of convergence.

Download or read book China s Great Economic Transformation written by Loren Brandt and published by Cambridge University Press. This book was released on 2008-04-14 with total page 887 pages. Available in PDF, EPUB and Kindle. Book excerpt: This landmark study provides an integrated analysis of China's unexpected economic boom of the past three decades. The authors combine deep China expertise with broad disciplinary knowledge to explain China's remarkable combination of high-speed growth and deeply flawed institutions. Their work exposes the mechanisms underpinning the origin and expansion of China's great boom. Penetrating studies track the rise of Chinese capabilities in manufacturing and in research and development. The editors probe both achievements and weaknesses across many sectors, including China's fiscal, legal, and financial institutions. The book shows how an intricate minuet combining China's political system with sectorial development, globalization, resource transfers across geographic and economic space, and partial system reform delivered an astonishing and unprecedented growth spurt.

Download or read book China s Structural Change and the Impact on Korea s Industrial Growth written by Sunghoon Chung and published by . This book was released on 2017 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book China s Grand Strategy written by Andrew Scobell and published by Rand Corporation. This book was released on 2020-07-27 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.

Download or read book China s Rise and the Two Koreas written by Scott Snyder and published by . This book was released on 2009 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: With China now South Korea's number one trading partner and destination for foreign investment and tourism, what are the implications for politics and security in East Asia? Scott Snyder explores the transformation of the Sino - South Korean relationship since the early 1990s. Snyder considers the strategic significance of recent developments in China's relationship with both North and South Korea and also assesses the likely consequences of those developments for US and Japanese influence in the region. His meticulous study lends important context to critical debates regarding China''s foreign policy, Northeast Asian security, and international relations more broadly. This title examines China's redefined political and economic relations with North and South Korea, as well as what this implies for US and Japanese influence in Northeast Asia.